Printed Circuit Board (PCB) Market Size, By PCB Type (Single Sided, Double Sided, Multi-layered, High Density Interconnect (HDI)), By Substrate (Rigid, Flexible, Rigid-flex), By Application (Consumer Electronics, Automotive, Healthcare, IT & Telecom, Industrial) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027

Industry Trends

Printed Circuit Board Market size was valued at around USD 60 billion in 2020 and is estimated to grow at a CAGR of over 3% from 2021 to 2027.
 

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The rising trend of miniaturization has accelerated the market potential for small, light weighted, and high-performance printed circuit boards in smart wearables, medical devices, and various portable electronics. Several end-user OEMs are focusing on customized PCB designs to increase miniaturization and achieve desired shape, according to application requirements. This has further boosted the development of 3D printing to deliver compact printed circuit boards by placing components on the interior layer.
 

The increasing demand for additive manufacturing in the electronics sector to deliver precise components will accelerate the market opportunities for printed circuit boards in the coming years. Additive manufacturing has accelerated the designing of PCBs beyond the prototyping stages, which further improves the functionality and performance of the devices. Therefore, continuous development in additive manufacturing and 3D printing will drive the market growth.
 

Printed circuit boards are used to connect electronic components through signal traces, tracks, and conductive pathways in a copper sheet laminated with non-conductive substrate. The electronic components assembled in the printed circuit boards include connectors, diodes, resistors, capacitors, and other radio devices, which are connected to one another throughout a PCB.
 

The COVID-19 outbreak has moderately affected the PCB market expansion due to the supply chain fallout and a decline in demand from the industrial & automotive sectors. The majority of the OEMs have their supply chain passing from China and East Asian countries. Although the production from China is recovering, several nations are following strict export laws to ramp up their safety measures. This has resulted in the shortage of printed circuit boards in various industries around the globe. The increasing number of causalities has accelerated the demand for various medical equipment and monitoring devices such as respiratory support systems and ventilators. This will enhance the market opportunities for companies operating in the industry.
 

Increasing demand for miniaturization in the medical sector will influence the market revenue of multi layered printed circuit boards

The multi layered PCBs segment accounted for around 30% of the market share in 2020 and is projected to witness a 6% growth rate till 2027 driven by an increase in the number of components and high-density of connections required in modern PCBs. Multi layered PCBs deliver high functionality with lightweight and improved compactness, increasing their demand in laptops, smartphones, and various handheld devices.
 

Rising trend toward non-invasive treatment in the medical industry will further fuel the market value for multi layered PCBs to meet the growing demand for miniature devices. Manufacturers in the medical industry are opting for multi layered PCBs to overcome the chances of crosstalk in critical medical applications such as infrared temperature monitoring, MRI, X-ray equipment, CT scan, ventilators, etc. The ongoing COVID-19 pandemic has further advanced the demand for monitoring devices in the medical sector, which will foster the industry growth.
 

Proliferation of industrial automation will create market opportunities for rigid printed circuit boards

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The rigid segment dominated more than 90% of the PCB market share in 2020 and is anticipated to grow at a CAGR of around 1% from 2021 to 2027. A rigid PCB uses fiber glass substrate, which makes it practically inexpensive compared to other PCB substrates. Additionally, the compact size of rigid printed circuit board ensures its adoption in complex circuitry and heavy-duty applications, which involve high frequency and voltage variation. This has further propelled the market demand in industrial automation applications such as robots, pressure controllers, and other automation machinery.
 

The rising trend of automated machinery and industrial robots in manufacturing plants will impact the market progression of rigid PCBs positively. According to the International Federation of Robotics (IFR) report 2020, the number of industrial robots in factories around the globe was recorded to be around 2.7 million with an increase from 12%.
 

Growing demand for IoT devices will spur the market growth

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The consumer electronics segment will capture over 50% of the market share by 2027. The rising preferences for IoT and smart home devices will augment the market opportunities for printed circuit boards. Consumer electronics manufacturers are focusing on advanced PCB alternatives, such as flex, to deliver high compactness and battery powering of IoT devices. The proliferation of IoT and connected devices will boost the market potential of PCB manufacturers in the coming years.
 

Increasing deployment of 5G infrastructure in South Korea will impel the market expansion

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Asia Pacific printed circuit board market held over 60% of revenue share in 2020 and is predicted to attain a CAGR of over 3% from 2021 to 2027 led by the growing deployment of 5G network in China, South Korea, and Japan. In March 2020, South Korea’s Ministry of Science and ICT announced that the country’s major telecom operators, KT, SK Telecom and LG Uplus have invested around USD 3.365 billion in the deployment of 5G network infrastructure in the first half of 2020. This will spur the growth opportunities for printed circuit board manufacturers in the region.
 

New collaboration and partnership strategies to stay competitive in the market

Some of the major players of market include Nippon Mektron Ltd., Fujikura Ltd., Sumitomo Electric Industries, Nitto Denko Corporation, Unimicron Technology Corporation, Advanced Circuits Inc., and TTM Technologies, Inc., among others. These companies are continuously involved in acquisition and merger strategies to accelerate their market position among other players.
 

The printed circuit board (PCB) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue from 2016 to 2027 for the following segments:

Market, By PCB Type

• Single sided
• Double sided
• Multi layered
• High density interconnect (HDI)
• Others

Market, By Substrate

• Rigid
• Flexible
• Rigid-flex

Market, By Application

• Consumer electronics
• Automotive
• Healthcare
• IT & telecom
• Industrial
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Taiwan
  • Thailand
• LAMEA
  • Brazil
  • Mexico
  • GCC